Baseball and Retirement Planning

Today’s Prep:

America’s pastime has been enjoyed by people of all ages for many, many years, but how much have you thought about baseball from a retirement planning perspective? Today we’ll explore the parallels between being successful in sport and finances.

(Click the featured times below to jump forward in the episode)

Equipping Points:

Baseball is a game of numbers, strategy and patience. That’s what makes it so great in the eyes of many people and part of the reason why it became America’s pastime.

That’s also why it has a number of similarities to retirement planning. As we move into the summer and enjoy another baseball season, we wanted to dive into these parallels on the podcast and put a different spin on the planning conversation.

To start, think about the different types of baseball fans. Some people take a passive approach while others love to immerse their self into the numbers. It’s very similar to the people we work with in the financial world. You watch from a distance and just keep an eye on the high level information like scores and standings or you could really dive into the statistics and data and get highly involved in the day-to-day.

When you think about baseball, home runs are usually one the first things that come to mind. The best power hitters of all-time were also commonly known for their propensity to strikeout. Swinging for the fences can carry the highest reward but it also brings the biggest risk. That sounds pretty familiar with investing as well, right?

As for strategy, there’s been a movement over the past decade or two in baseball to focus more on data. You might have seen the movie Moneyball, which starred Brad Pitts and showed how the Oakland A’s made that shift in approach to much success. Financial planning is all about doing the math and making the numbers fit the goals, and that’s exactly what we do with clients every day.

If you’ve ever worked with us before, you probably know that we have a scorecard that gets prepared for each client. That’s a parallel to baseball that you might not find everywhere, but we try to present a plan in a very straightforward fashion. We want it to be easy to identify progress and results much like you’d find on a scorecard at a baseball game.

This episode will dive into all of this in more detail so check out the show and get a better idea of why baseball and retirement planning are so much alike.

Listen to the entire episode or click on the timestamps below to skip ahead to a particular financial opinion.

[1:40] – Home runs

[4:35] – Data and analytics

[7:19] – Five-tool players

 

Today’s Takeaway:

If you’re swinging for the fences every time, you’re going to have a high level of strikeouts.

-Eric Peterson

Related Resources:

Unpopular Opinions In The Financial World

Financial Abbreviations, Explained

Can You DIY Financial Planning?

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Retirement Income Planning Essentials

September 23, 2021

What do you need to know about retirement income? From Social Security to planning for inflation, Eric breaks down the basics of what you need to know and how to make a plan that fits your future.

Read More

Easy Financial Improvements To Make

September 16, 2021

What’s a simple way to make your financial planning better? Today we are going to discuss some easy steps you can take to improve your financial plan.

Read More

Empty Nest Syndrome

September 9, 2021

Have all of your little baby birds left the nest? Today, we discuss the kind of financial decisions you may make in this next stage of life.

Read More

Retirement Quiz – Is That Your Final Answer?

September 2, 2021

We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?

Read More

Moving On From Financial Mistakes

August 26, 2021

Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.

Read More

Common Complaints About Financial Advisors

August 19, 2021

Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.

Read More

Navigating Retirement Disagreements Between Spouses

August 12, 2021

What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.

Read More

5 Most Common Retirement Planning Mistakes

August 5, 2021

Do you have a strategy in place to avoid these retirement planning mistakes? Eric talks through what to do instead to make sure your plan is a success.

Read More

The Retirement Countdown

July 29, 2021

In those final years before retirement, what should you be considering and doing now? We tackle a list of things you should do in the years before retirement.

Read More

Mailbag: Do I Need Long-Term Care Insurance If I Expect an Inheritance?

July 22, 2021

Looking for a way around paying for long-term care insurance? Will an inheritance cover it? Eric answers this question and two others from the mailbag.

Read More

Leave a Comment